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Ethereum loses 200M NFTs as Enjin adopts independent blockchain

TL;DR Breakdown

  • Enjin has successfully migrated 200 million NFTs from Ethereum to its blockchain.
  • The migration aims to increase the usage and efficiency of the Enjin Blockchain.
  • NFT holders can now claim their assets using the updated Enjin crypto wallet.

Enjin, the renowned blockchain developer, has successfully transferred 200 million non-fungible tokens (NFTs) from Ethereum and other networks to its self-developed blockchain. This strategic shift aims to enhance the utilization and functionality of the Enjin Blockchain, marking a significant milestone in the digital assets space.

Enjin’s migration to enhance network use

Enjin’s decision to migrate many NFTs, including assets from major digital creators and tech giant Microsoft, signifies a bold step in the blockchain industry. This migration encompasses various assets, including fungible and non-fungible tokens. The relocation, which includes assets previously hosted on Ethereum and the Ethereum sidechain JumpNet, positions the Enjin Blockchain as a more cost-effective and efficient platform for NFT hosting.

Through a recent blog post, the Singapore-based company announced that NFT holders could now claim their assets on the Enjin Blockchain using an updated version of the Enjin crypto wallet. The company has waived transactional costs across its ecosystem for the next three months to encourage user migration.

Oscar Franklin Tan, the Chief Financial Officer of Atlas, lauded this migration as one of the most intricate and groundbreaking blockchain migrations to date. The transfer involved a shift from Ethereum and Polkadot and integrated Enjin’s blockchain, marking a complete transition of Enjin’s token ecosystem.

The Enjin team highlighted the significance of this migration, noting the diversity of digital creators involved, which includes contributions from Microsoft. The transfer involved 118 million NFTs from Ethereum and over 100 million from JumpNet, now all hosted on the Enjin Blockchain.

Enjin leads in cost-effective blockchain solutions

The Enjin Blockchain emerges as a public, decentralized platform tailored for creators seeking a more affordable avenue for NFT distribution on a distributed ledger. With its native token, Enjin Coin (ENJ), currently trading at $0.33, according to CoinGecko data, the network is set to redefine the digital asset landscape.

This transition from Ethereum and other networks to Enjin’s blockchain is a strategic move aimed at consolidating the company’s position in the rapidly evolving NFT and blockchain sectors. The migration augments the utility and appeal of the Enjin Blockchain and underscores Enjin’s commitment to providing innovative and cost-effective solutions in the digital asset domain.

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